Issuer Delisting; Notice of Application of Pinnacle West Capital Corporation To Withdraw Its Common Stock, No Par Value, From Listing and Registration on the Pacific Exchange, Inc., 8317-8318 [E6-2217]

Download as PDF Federal Register / Vol. 71, No. 32 / Thursday, February 16, 2006 / Notices listing and registration on the Pacific Exchange, Inc. (‘‘PCX’’). The Board of Directors (‘‘Board’’) of the Issuer approved resolutions on December 1, 2005 to withdraw the Security from PCX. The Issuer stated that the Board determined that delisting the Security from PCX is in the Issuer’s best interest because delisting the Security will have no impact on the trading volume of the Security, given the low volume of trading on PCX, and the costs of complying with the regulatory and administrative requirements associated with PCX listing are no longer justified. The Issuer stated that the Security is listed on the New York Stock Exchange, Inc. (‘‘NYSE’’) and the Issuer will continue to comply with the rules and regulations of NYSE. The Issuer stated in its application that it has complied with applicable rules of PCX by providing PCX with the required documents governing the withdrawal of securities from listing and registration on PCX. The Issuer’s application relates solely to the withdrawal of the Security from listing on PCX and shall not affect its continued listing on NYSE or its obligation to be registered under Section 12(b) of the Act.3 Any interested person may, on or before March 9, 2006, comment on the facts bearing upon whether the application has been made in accordance with the rules of PCX, and what terms, if any, should be imposed by the Commission for the protection of investors. All comment letters may be submitted by either of the following methods: Electronic Comments • Send an e-mail to rulecomments@sec.gov. Please include the File Number 1–01063 or; dsatterwhite on PROD1PC65 with NOTICES Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number 1–01063. This file number should be included on the subject line if e-mail is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/rules/delist.shtml). Comments are also available for public inspection and copying in the Commission’s Public Reference Room. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. The Commission, based on the information submitted to it, will issue an order granting the application after the date mentioned above, unless the Commission determines to order a hearing on the matter. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.4 Nancy M. Morris, Secretary. [FR Doc. E6–2216 Filed 2–15–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 1–08962] Issuer Delisting; Notice of Application of Pinnacle West Capital Corporation To Withdraw Its Common Stock, No Par Value, From Listing and Registration on the Pacific Exchange, Inc. February 10, 2006. On January 27, 2006, Pinnacle West Capital Corporation, an Arizona corporation (‘‘Issuer’’), filed an application with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 12d2–2(d) thereunder,2 to withdraw its common stock, no par value (‘‘Security’’), from listing and registration on the Pacific Exchange, Inc. (‘‘PCX’’). The Board of Directors (‘‘Board’’) of the Issuer approved resolutions on December 14, 2005 to withdraw the Security from PCX. The Issuer stated that the Board considered the following factors in making the decision to withdraw the Security from PCX: (i) Listing the Security on PCX is no longer in the Issuer best interests because the Issuer is subject to dual regulation by PCX and the New York Stock Exchange, Inc. (‘‘NYSE’’); (ii) the benefits 4 17 CFR 200.30–3(a)(1). U.S.C. 78l(d). 2 17 CFR 240.12d2–2(d). associated with listing on PCX do not outweigh the costs and additional regulatory obligations, and no longer favor continued listing on PCX; and (iii) the Security is listed on the NYSE and will continue to list on NYSE. The Issuer stated in its application that it has complied with applicable rules of PCX by complying with all applicable laws in the State of Arizona, the state in which the Issuer is incorporated, and by providing PCX with the required documents governing the withdrawal of securities from listing and registration on PCX. The Issuer’s application relates solely to the withdrawal of the Security from listing on PCX and shall not affect its continued listing on NYSE or its obligation to be registered under Section 12(b) of the Act.3 Any interested person may, on or before March 9, 2006, comment on the facts bearing upon whether the application has been made in accordance with the rules of PCX, and what terms, if any, should be imposed by the Commission for the protection of investors. All comment letters may be submitted by either of the following methods: Electronic Comments • Send an e-mail to rulecomments@sec.gov. Please include the File Number 1–08962 or; Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number 1–08962. This file number should be included on the subject line if e-mail is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/rules/delist.shtml). Comments are also available for public inspection and copying in the Commission’s Public Reference Room. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. 1 15 3 15 U.S.C. 78l(b). VerDate Aug<31>2005 17:48 Feb 15, 2006 Jkt 208001 PO 00000 Frm 00047 Fmt 4703 3 15 Sfmt 4703 8317 E:\FR\FM\16FEN1.SGM U.S.C. 78l(b). 16FEN1 8318 Federal Register / Vol. 71, No. 32 / Thursday, February 16, 2006 / Notices Rule 19b–4 thereunder,2 notice is hereby given that on December 19, 2005, the American Stock Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Amex. On February 1, 2006, the Exchange filed Amendment No. 1 to the proposed rule change.3 The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons and to approve the amended proposal on an accelerated basis. The Commission, based on the information submitted to it, will issue an order granting the application after the date mentioned above, unless the Commission determines to order a hearing on the matter. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.4 Nancy M. Morris, Secretary. [FR Doc. E6–2217 Filed 2–15–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: [71 FR 6799, February 9, 2006]. STATUS: Closed meeting. PLACE: 100 F Street, NW., Washington, DC. DATE AND TIME OF PREVIOUSLY ANNOUNCED MEETING: Wednesday, February 15, 2006 at 10 a.m. Deletion of item. The following item will not be considered during the Closed Meeting on February 15, 2006: Report of an Investigation. Commissioner Glassman, as duty officer, determined that no earlier notice thereof was possible. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551–5400. CHANGE IN THE MEETING: Dated: February 13, 2006. Nancy M. Morris, Secretary. [FR Doc. 06–1492 Filed 2–13–06; 4:07 pm] II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item III below. The Amex has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53263; File No. SR–Amex– 2005–130] dsatterwhite on PROD1PC65 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to rebate the increase in the Specialist Transaction Fee that the Amex implemented on October 3, 2005 and which the Exchange has collected since that time. The text of the proposed rule change is available on the Amex’s Web site at (http://www.amex.com), the Office of the Secretary, the Amex and at the Commission’s Public Reference Room. Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change, and Amendment No. 1 Thereto, Relating to the Specialist Transaction Fee 1. Purpose Effective with transactions beginning October 3, 2005, the Exchange increased the Specialist Transaction Fee from $.00005 to $.00007 of the total value of a specialist’s transactions in equities.4 After further consideration, analysis of the impact of the fee increase and discussions with its members, the Exchange has determined to rollback the increase in the Specialist Transaction 2 17 February 9, 2006. 3 Amendment Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934,1 and 4 17 1 15 CFR 200.30–3(a)(1). U.S.C. 78s(b)(1). VerDate Aug<31>2005 17:48 Feb 15, 2006 CFR 240.19b–4. No. 1, which replaced the original filing in its entirety, made technical and clarifying changes to the proposed rule change. 4 See Securities Exchange Act Release No. 52701 (October 28, 2005), 70 FR 67504 (November 7, 2005) (notice of filing and immediate effectiveness of SR– Amex 2005–101). Fee to $.00005.5 The increase in the Specialist Transaction Fee implemented in October 2005 was part of a number of changes to the Equity Fee Schedule, the purpose of which was to generate additional revenue for the Exchange and to create additional incentives for market participants to send order flow to the Amex. According to the Exchange, for market participants other than the specialists, the changes in the aggregate contributed to the increase in revenue for the Exchange. The changes to fees imposed on the specialists, which also generated an increase in revenue, included an increase in the Specialist Transaction Fee and the elimination of a rarely used exemption from the Transaction Fee for trades in paired securities. According to the Exchange, the Specialist Transaction Fee is based on the dollar value of equity shares executed by the specialist. As a result, specialists trading high-priced and/or high volume securities account for a disproportionate amount of the revenue generated by the fee. The recent increase in the fee exacerbated this result. The Exchange submits that rolling back the increase will alleviate, in part, this disproportionate impact on certain specialists.6 Although the rollback of the increase in the Specialist Transaction Fee will result in a decrease in the additional revenues expected to be generated by the recent changes to the Equity Fee Schedule, the Exchange represents that this decrease will not result in an increase or other revisions to fees charged to other market participants. In a separate filing submitted pursuant to Section 19(b)(3)(A) and Rule 19b–4(f)(2), this proposed reduction in the Specialist Transaction Fee became effective upon filing.7 The Exchange is now requesting to rebate the increase in the Specialist Transaction Fee collected since October 3, 2005. Beginning October 3, 2005, the Exchange billed and collected the increased Specialist Transaction Fee. Upon approval of this proposal to allow a refund of the increased portion of the fee collected, the Amex will issue a credit to the specialists for the amount collected while the higher fee was in place. Notwithstanding the proposed rebate, the Exchange believes that the recent changes to the Equity Fee Schedule continue to be an equitable Jkt 208001 PO 00000 Frm 00048 Fmt 4703 Sfmt 4703 5 See Securities Exchange Act Release No. 53232 (February 6, 2006) (notice of filing and immediate effectiveness of SR–Amex–2006–008). 6 See supra note 5. 7 See supra note 5. This reduction was effective upon filing on a prospective basis from February 6, 2006. E:\FR\FM\16FEN1.SGM 16FEN1

Agencies

[Federal Register Volume 71, Number 32 (Thursday, February 16, 2006)]
[Notices]
[Pages 8317-8318]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-2217]


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SECURITIES AND EXCHANGE COMMISSION

[File No. 1-08962]


Issuer Delisting; Notice of Application of Pinnacle West Capital 
Corporation To Withdraw Its Common Stock, No Par Value, From Listing 
and Registration on the Pacific Exchange, Inc.

February 10, 2006.
    On January 27, 2006, Pinnacle West Capital Corporation, an Arizona 
corporation (``Issuer''), filed an application with the Securities and 
Exchange Commission (``Commission''), pursuant to Section 12(d) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 12d2-2(d) 
thereunder,\2\ to withdraw its common stock, no par value 
(``Security''), from listing and registration on the Pacific Exchange, 
Inc. (``PCX'').
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
---------------------------------------------------------------------------

    The Board of Directors (``Board'') of the Issuer approved 
resolutions on December 14, 2005 to withdraw the Security from PCX. The 
Issuer stated that the Board considered the following factors in making 
the decision to withdraw the Security from PCX: (i) Listing the 
Security on PCX is no longer in the Issuer best interests because the 
Issuer is subject to dual regulation by PCX and the New York Stock 
Exchange, Inc. (``NYSE''); (ii) the benefits associated with listing on 
PCX do not outweigh the costs and additional regulatory obligations, 
and no longer favor continued listing on PCX; and (iii) the Security is 
listed on the NYSE and will continue to list on NYSE.
    The Issuer stated in its application that it has complied with 
applicable rules of PCX by complying with all applicable laws in the 
State of Arizona, the state in which the Issuer is incorporated, and by 
providing PCX with the required documents governing the withdrawal of 
securities from listing and registration on PCX. The Issuer's 
application relates solely to the withdrawal of the Security from 
listing on PCX and shall not affect its continued listing on NYSE or 
its obligation to be registered under Section 12(b) of the Act.\3\
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78l(b).
---------------------------------------------------------------------------

    Any interested person may, on or before March 9, 2006, comment on 
the facts bearing upon whether the application has been made in 
accordance with the rules of PCX, and what terms, if any, should be 
imposed by the Commission for the protection of investors. All comment 
letters may be submitted by either of the following methods:

Electronic Comments

     Send an e-mail to rule-comments@sec.gov. Please include 
the File Number 1-08962
     or;

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number 1-08962. This file number 
should be included on the subject line if e-mail is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov/rules/delist.shtml). Comments are 
also available for public inspection and copying in the Commission's 
Public Reference Room. All comments received will be posted without 
change; we do not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly.

[[Page 8318]]

    The Commission, based on the information submitted to it, will 
issue an order granting the application after the date mentioned above, 
unless the Commission determines to order a hearing on the matter.
---------------------------------------------------------------------------

    \4\ 17 CFR 200.30-3(a)(1).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\4\
Nancy M. Morris,
Secretary.
[FR Doc. E6-2217 Filed 2-15-06; 8:45 am]
BILLING CODE 8010-01-P